AM Best has commented that the Credit Ratings (ratings) of Markel
Corporation [NYSE: MKL] (headquartered in Richmond, VA) and its
insurance operating subsidiaries are unchanged by the company’s
statement that it is fully cooperating with inquiries received from U.S.
and Bermuda authorities regarding loss reserves recorded at Markel CATCo
Investment Management Ltd. and its subsidiaries in late 2017 and 2018.
The inquiry does not involve any other Markel Corporation companies,
including any subsidiary rated by AM Best. Markel has retained outside
counsel to conduct an internal review.
No rating actions are being taken at this time as the information
available does not warrant any such action. AM Best will continue to
monitor the situation and take rating action if it becomes appropriate.
This press release relates to Credit Ratings that have been published
on AM Best’s website. For all rating information relating to the release
and pertinent disclosures, including details of the office responsible
for issuing each of the individual ratings referenced in this release,
please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view Understanding
Best’s Credit Ratings. For information on the proper media
use of Best’s Credit Ratings and AM Best press releases, please view Guide
for Media - Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
AM Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit www.ambest.com
for more information.
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.
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